According to data from SunSirs' "Spot Connect" service, the domestic PC market underwent a period of consolidation followed by a decline in April, with spot prices for most grades generally trending downward. As of April 30, the SunSirs composite benchmark price for PC stood at approximately 16,200 RMB/ton—a decrease of 2.11% compared to the beginning of the month.
Supply Side: Since the start of April, maintenance shutdowns among domestic PC polymerization enterprises have been relatively concentrated. Early in the month, operating rates at Zhejiang Petrochemical rose, while a single production line at Luxi Petrochemical underwent a temporary shutdown. Mid-month saw the scheduled maintenance at Kencheng come to fruition, while Zhangzhou Chi Mei carried out technical upgrade tasks. Overall, production loads were reduced by over 15% during the month; the current average operating rate stands at around 70%, resulting in a significant loss of output. Weekly average production has currently dropped to below 60,000 tons. Following the holiday period, additional maintenance plans—previously postponed—are expected to be implemented; this suggests there is still room for further supply contraction. On balance, the supply side continues to provide reasonably strong support for PC prices.
Raw Materials: Since early April, the domestic market for Bisphenol A (BPA) has been on a gradual downward trend. Impacted by a sharp slump in international crude oil prices, market prices for Phenol and Acetone stalled and subsequently declined. This, in turn, dragged down the overall price center of the domestic BPA market. Furthermore, while changes in current BPA supply remain limited, demand has softened; consequently, traders are eager to offload inventory and are increasingly inclined to offer price concessions to secure sales. Overall, the cost-side support for PC prices has weakened.
Demand Side: Profitability among downstream end-users has shown no signs of improvement, and operating rates at downstream PC processing plants remain at relatively low levels. Although current PC prices have retreated from their recent peaks, they still hover within a range representing a three-year high. Buyers have reverted to a cautious approach regarding inventory stocking and show little willingness to open new positions. With pre-holiday inventory still requiring digestion, a strong "wait-and-see" atmosphere prevails in the market, leading to reduced liquidity in the flow of goods. The speculative fervor that previously drove up PC prices has largely cooled; trader sentiment has weakened, and market participants are now adjusting their price quotes in line with prevailing market conditions, with an increasing number of traders offering price concessions to facilitate sales. In summary, demand-side factors currently provide weak support for PC spot prices.
Throughout April, the domestic PC market experienced a period of consolidation during the first half of the month, followed by a decline from high levels during the second half. The continued softening of upstream Bisphenol A prices has exerted downward pressure on PC prices via the cost channel. Domestic PC polymerization plants have slightly reduced their operating rates; however, supportive factors on the supply side remain limited. Market trading is sluggish and driven primarily by immediate, essential demand; buyers remain cautious, purchasing on an as-needed basis, with transactions consisting mostly of small-volume orders. In the short term, PC market prices are expected to remain under downward pressure from declines in distant upstream markets, suggesting that there may still be room for further downward adjustment.
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